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Iwish to know about the Income tax structure for Pensioners forFy 2005-2006? |
Iwish to know about the Income tax structure for Pensioners forFy 2005-2006? There are no separate tax structure for pensioners but it is for senior citizens i.e. who has completed the age of 65 years during the previous year. Thus for financial year 2005-2006, if you have completed 65 years before 31-3-2006, the tax rates will be as follows - Total Income - Upto 1,85,000/- : Tax - Nil above Rs.1,85,000/- but not exceeding Rs.2,50,000/- : Tax @ 20% of the income above Rs.1,85,000/- and above Rs.2,50,000/- : Tax Rs.13,000/- plus Tax @ 30% of the income above Rs.2,50,000/- To illustrate - if your total income is Rs.3,00,000/- Tax will be Rs.28,000/- calculated as follows - On First Rs.1,85,000/- Nil On Next Rs.65,000/- @20% Rs.13,000/- On Next Rs.50,000/- @30% Rs.15,000/- For more clarification visit http://www.meraconsultant.com or write to info@meraconsultant.com Source(s): http://www.meraconsultant.com http://www.meraadvisor.com http://www.meraaccountant.com http://www.solutionask.com It is possible that when you write Pensioners, you mean people who recieve Social Security. And you might be asking what is the effect of additional income. Generally, it reduces by 1 dollar for every two dollars recieved. But why this would be involved with a fiscal vs. calendar year only you know. Please consider add more details or a new question. Good Luck |
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